{"id":64947,"date":"2015-03-30T10:00:12","date_gmt":"2015-03-29T23:00:12","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2015\/03\/30\/significant-pullback-ahead-for-asx200\/"},"modified":"2015-03-30T10:00:12","modified_gmt":"2015-03-29T23:00:12","slug":"significant-pullback-ahead-for-asx200","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2015\/03\/30\/significant-pullback-ahead-for-asx200\/","title":{"rendered":"Significant Pullback Ahead For ASX200?"},"content":{"rendered":"

By Nick Linton-Ffrost<\/p>\n

Our two preferred wave counts<\/strong><\/p>\n

Alternative 1 (top chart) \u2013 assumes that the ASX200 (XJO) has now completed the 5th wave within the rally from 5100 to 6000 after achieving upside targets derived from the break out of a five month triangle pattern. The implication is for a pull back to at least 5750. Even though the uptrend remains intact we suspect that a break below the trend line around 5850 will\u00a0imply a move to 5500 i.e. the channel height subtracted from the break level.<\/p>\n

A break below 5750 would improve the odds that a double top has formed at 6000 and indicate a move to 5500 as well.\u00a0This view is contingent upon the XJO remaining\u00a0below 6000 (double top level) or not trading above 5950 for\u00a0more than 2-3 days.<\/p>\n

Alternative 2 (bottom chart) \u2013 assumes that the XJO is trading within the 4th wave of the rally from 5100 and\u00a0is building a base for a 5th wave rally to around 6200 before a pull back to 5750. This scenario requires the XJO to remain above 5750 and\u00a0then\u00a0break above 6000 within the next 5-10 days.<\/p>\n

In the medium term \u00a0both scenarios assume that the XJO is trading with the 5th wave of a larger 5th wave up from 4000. Therefore the implication is for an eventual test of the 5100 level ( i.e. bottom of the 4th wave) over the next few months.
\n\u00a0<\/p>\n

\"\"<\/p>\n

\nAnother trading idea from<\/strong><\/p>\n

Fifth Wave |<\/strong> fwtc.com.au<\/strong><\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27 years experience<\/strong>.<\/strong><\/p>\n

\u00a0AFSL 319830 |<\/strong> Disclaimer<\/strong><\/a><\/p>\n

Reprinted with permission of the publisher.<\/em> Content included in this article is not by association the view of FNArena (see our disclaimer<\/a>).<\/em><\/p>\n

Technical limitations <\/strong><\/em><\/p>\n

If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.<\/strong><\/em><\/p>\n

Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)<\/a>” – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Nick Linton-Ffrost of Fifth Wave suggests near-term, the ASX200 may yet push beyond 6000 but over the next few months a pullback towards 5100 is in the charts.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/64947"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=64947"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/64947\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=64947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=64947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=64947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}